Islamic Supply Chain Financing: Meezan Bank, Fauree to develop digital platform

KARACHI: Meezan Bank collaborated with Fauree Tech Pvt. Limited, a Fintech company specializing in supply chain solutions, to establish a digital platform for financing suppliers involved in well-organized logistical supply chains associated with reputable corporations.

The signing ceremony took place with the participation of senior management from both organizations including Syed Tanveer Hussain General Manager Meezan Bank and Azhar Tasadduq CEO Fauree along with their respective teams. Notably, Dr Saleh AlAmr from Saudi Arabia Founder and Group CEO Jawa Investment also graced the occasion with his virtual presence.

Through this collaboration, both parties will help empower small & medium sized businesses by providing them access to Islamic finance facilities in a fully Shariah-compliant manner. This will enable SMEs to sustain their operations by securing critical working capital in the current challenging economic climate.

Under the agreement, Meezan Bank will be offering Islamic digital supply chain financing and Fauree will provide the digital platform, that offers real-time Islamic financing along with complete digitization throughout the entire lifecycle of the financing process.

On this occasion, Syed Tanveer Hussain General Manager Meezan Bank said that Meezan Bank is fully committed to creating innovative Shariah-compliant financing solutions and is pleased to collaborate with Fauree for developing a digital financing platform that reaches small & medium sized suppliers, and their anchor corporate. “We are hopeful, that this partnership will act as a precursor to grow the country’s most important segment", he added.

Azhar Tasadduq CEO, Fauree further said that Fauree was born with the vision of supporting Small and Medium Enterprises (SMEs) and filling an existing gap in the market. While there are thousands of small and medium sized suppliers who are engaged in business with large anchor buyers, unfortunately they are unable to get the right funding solutions. SMEs are playing an enormous role in the development and financial welfare of our country, he added.

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